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You must first complete Types of Companies in North and South Cyprus before viewing this Lesson

How-to-Register-a-Company-in-the-North-and-South-Cyprus-cyprusinno-2

 

Initially, there is a need to submit an application for the name of the business. The application for approval or change of name is submitted by hand or by mail to the “One Stop ShopOffice or to the Registrar of Companies and Official Receiver along with the fee of €10.00, or €30.00 under accelerated procedure (payable in cash, cheque or via a bank transfer). The “One Stop Shop” only accepts applications with acceleration fees, and the One Stop Shop Application Cover for Name Approval is to accompany the above- mentioned application.

 

 

The name approval is examined within one month, or one to two working days under accelerated procedure. The results of the name examination of the applications submitted are provided online.

When the application for name approval is submitted through the One Stop Shop, it must be accompanied by the One Stop Shop Application Cover for Name Approval.

A name approval is valid for six (6) months. If during this period of time (six months from the date of the name approval) a company (business name, partnership etc.) is not registered, the name approval has to be renewed by following the same procedure.

In certain cases and in accordance to the nature of business of the company, an approval from the Competent Authority prior to the use of a certain name is necessary (e.g. from the Legal Council for registering a Law Office, from the Ministry of Education and Culture for an educational institution).

After securing the name approval, the relevant documents for the registration of the legal entity are to be submitted, according to the legal form of the entity/business.

 


Here are all the steps that need to be taken to register a company:

 

STEP PROCEDURE TIME COSTS
1 Reserve the company name and get initial approval from the  Registrar of Companies

Agency: Registrar of Companies

A standard form application for approval of name is submitted in person or by mail to the One Stop Shop Cyprus. It can also be submitted electronically to the Registrar of Companies and Official Receiver, through the E-filing website https://efiling.drcor.mcit.gov.cy.

Costs: € 10 is compulsory and additional € 20 for expediting the procedure, which is optional

2 days € 30
2 Prepare the Memorandum and Articles of Association by a Lawyer

Agency: Lawyer

The Registrar of Companies has no standard form for the Memorandum and Articles of association. The Companies Law provides a general template applicable for any kind of activities. It is a statutory requirement to have lawyers prepare the Memorandum and Articles of Association, who must also sign the relevant declaration.

1 day € 1,000
3 Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver

Agency: Companies Section of the Department of Registrar of Companies and Official Receiver

Entrepreneurs can file through the Department’s website www.mcit.gov.cy/drcor or in person. The following is required:

i) A form setting out the secretaries and directors

ii) A form setting out the registered office

iii) A form setting out the shareholders

iv) Declaration by the lawyer: sworn affidavit that the registration process and articles of association are in compliance with the law (not mandatory).

v) Memorandum and Articles of Association

2 days € 205 registration fee + 0.6% on the authorized capital + € 220 for the Certificates (optional)
4 Register at the Tax Department for Tax

Agency: Tax Department


Starting July 1, 2014, the Tax Department was formed which integrated the Inland Revenue Department and the VAT Services. Companies can register online for taxes at http://www.mcit.gov.cy/mcit/drcor

1 day No charge
5 Register at the Tax Department for VAT

Agency: Tax Department

According to the VAT legislation, every person making taxable supplies is liable to be registered in the following cases:

i) At the end of any month, if the value of the taxable supplies in the period of one year then ending has exceeded €15.600;
At any time, if there are reasonable grounds for believing that the value of the taxable supplies in the period of thirty days then beginning will exceed €15.600. Entrepreneurs can also register for VAT online at https://taxisnet.mof.gov.cy/

1 day No charge
6 Register for Social Contribution at the Ministry of Labor, Welfare and Social Insurance

Agency: Ministry of Labor, Welfare and Social Insurance

 
Registering for Social Contribution at the Ministry of Labor can be done online at: https://www.pay.sid.mlsi.gov.cy/sisweb3/index.jsp.

1 day
(can be done simultaneous with Step 5)
No charge


If you want to set up a company in North Cyprus, these documents should be submitted to the Official Receiver and Registrar (Turkish Cypriot Chamber of Commerce, 2018):

 

Company Registration Without Foreign Capital:

 

  • Company Name - the Registrar will accept any name which is not identical to one already on the register.
  • Company’s statutes and Article of Association
  • Ş 1,2,3 Forms
  • Photocopy of identity card

 

There is a slightly different process to follow when you want to register a company with foreign capital, please have a look here:  http://www.ktto.net/en/setting-up-a-company/ (Turkish Cypriot Chamber of Commerce, 2018)

 

 


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References:

Turkish Cypriot Chamber of Commerce (2018). Setting up a Company. Available at: http://www.ktto.net/en/setting-up-a-company/ [Accessed 26 January 2018]


 

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